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Marqeta Reports Third Quarter Net Revenue Increase of 46 Percent Year Over Year, Highlighting New Platform Expansion and Global Customer Momentum

The global modern card issuer generated net revenue of $192 million in the third quarter of 2022, up 46 percent year-over-year, and 54 percent growth in third quarter total processing volume.

Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the third quarter ended September 30, 2022. Total processing volume (TPV) was $42 billion, with net revenue of $192 million. Gross profit was $80 million, an increase of 36% year over year, resulting in a gross margin of 42%. GAAP net loss was $53 million and Adjusted EBITDA loss was $14 million.

"This recent quarter serves as a great example of our continued success and the tremendous market opportunity in front of Marqeta. We signed innovative new customers in both the United States and Europe, we expanded our platform with the launch of new banking capabilities to complement our leadership in modern card issuing, and increased the global utility of our platform with our European data residency program," said Jason Gardner, Founder and CEO of Marqeta.

Recent Business Updates:

Marqeta highlighted several recent business updates that demonstrate its current business momentum:

  • Marqeta announced the launch of Marqeta for Banking, a portfolio of seven banking products, continuing the expansion of its modern card issuing platform. Marqeta for Banking provides customers with a full set of account, ACH, instant funding and direct deposit products offered through Marqeta’s bank partners, enabling its customers to build complete banking products for their end users on the company's platform.
  • Marqeta announced its new data residency offering in Europe, providing additional safeguards to store the most sensitive elements of its European customers' personal data on European data servers.
  • Marqeta announced a new partnership with Raiffeisen Centrobank, to power its Raiffeisen Digital Bank, enabling customers in Poland and Romania to leverage a modern, comprehensive banking experience with streamlined digital accounts and debit cards.
  • Marqeta continued to be the card platform of choice for innovators looking to launch new card programs at scale, including the new Blockchain.com Visa card where user’s utilize available cryptocurrency balance to fund purchases in fiat currency, the new Uber Pro card, alongside Branch, and part of an ecosystem of partners working with Stash on its Stash Core banking system and upgraded Stock-Back® Debit Mastercard®.

Operating Highlights

In thousands, except percentages and per share data. % change is calculated over the comparable prior-year period (unaudited)

 

 Three Months Ended September

30,

 

%

Change

 

Nine Months Ended September

30,

 

%

Change

 

2022

 

 

 

2021

 

 

 

 

2022

 

 

 

2021

 

 

Financial metrics:

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

$

191,621

 

 

$

131,512

 

 

46%

 

$

544,401

 

 

$

361,761

 

 

50%

Gross profit

$

80,102

 

 

$

59,074

 

 

36%

 

$

232,877

 

 

$

155,906

 

 

49%

Gross margin

 

42

%

 

 

45

%

 

 

 

 

43

%

 

 

43

%

 

 

Total operating expenses

$

139,598

 

 

$

104,712

 

 

33%

 

$

388,362

 

 

$

280,181

 

 

49%

Net loss

$

(53,168

)

 

$

(45,730

)

 

(16)%

 

$

(158,454

)

 

$

(127,122

)

 

(25)%

Net loss margin

 

(28

)%

 

 

(35

)%

 

 

 

 

(29

)%

 

 

(35

)%

 

 

Net loss per share - basic and diluted

$

(0.10

)

 

$

(0.08

)

 

(25)%

 

$

(0.29

)

 

$

(0.42

)

 

31%

Key operating metric and Non-GAAP financial measures:

 

 

 

 

 

 

 

 

 

 

 

 

Total Processing Volume (TPV) (in millions) 1

$

42,473

 

 

$

27,569

 

 

54%

 

$

119,556

 

 

$

78,087

 

 

53%

Adjusted EBITDA 2

$

(13,631

)

 

$

(4,939

)

 

(176)%

 

$

(34,308

)

 

$

(13,928

)

 

(146)%

Adjusted EBITDA margin 2

 

(7

)%

 

 

(4

)%

 

 

 

 

(6

)%

 

 

(4

)%

 

 

Non-GAAP operating expenses 2

$

93,733

 

 

$

64,013

 

 

46%

 

$

267,185

 

 

$

169,834

 

 

49%

1 TPV represents the total dollar amount of payments processed through our platform, net of returns and chargebacks. We believe that TPV is a key indicator of the market adoption of our platform, growth of our brand, growth of our customers' businesses and scale of our business.

2 See "Information Regarding Non-GAAP Measures" for definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Non-GAAP operating expenses and the reconciliations of the net loss to Adjusted EBITDA, and of the total operating expenses to Non-GAAP operating expenses.

Third Quarter 2022 Financial Results:

Net revenue increased by $60 million, or 46% year-over-year, rising to $192 million from $132 million in the third quarter of 2021 resulting from a 54% increase in TPV year-over-year, partially offset by unfavorable changes in our card programs mix.

Gross profit increased by 36% year-over-year, rising to $80 million from $59 million in the third quarter of 2021 primarily due to our TPV growth. Gross margin was 42% in the third quarter of 2022.

Net loss increased by $7 million to $53 million in the quarter. Our increase in gross profit was offset by increases in compensation, benefits and technology expenses as we continued our investment in our people and platform.

Total Processing Volume increased by 54% year-over-year, rising to $42 billion from $28 billion in the third quarter of 2021.

Adjusted EBITDA in the third quarter of 2022 was ($14) million. Adjusted EBITDA margin was (7%) in the third quarter of 2022.

Financial Guidance

The following summarizes Marqeta's guidance for the fourth quarter of 2022:

 

Fourth Quarter 2022

Net Revenue Growth

29 - 31%

 

 

Gross Profit Margin

42 - 43%

 

 

Adjusted EBITDA Margin (1)

Negative 5 - 6%

(1) See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA and for information regarding non-availability of a forward reconciliation.

Conference Call

Marqeta will host a live conference call today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). To join the call, please dial-in 10 minutes in advance: toll-free at 1-877-407-4018 or direct at 1-201-689-8471. The conference call will also be available live via webcast online at http://investors.marqeta.com.

The telephone replay dial-in numbers are 1-844-512-2921 and 1-412-317-6671 and will be available until November 23, 2022, 8:59 p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code for the replay is 13733567.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements relating to Marqeta’s quarterly guidance; statements regarding Marqeta’s business plans, business strategy and the continued success and growth of our customers; statements and expectations regarding Marqeta's partnerships, new product introductions, and product capabilities; and statements made by Marqeta’ Founder and CEO. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: the effect of uncertainties related to the global COVID-19 pandemic and other public health emergencies on U.S. and global economies, our business, results of operations, financial condition, demand for our platform, sales cycles and customer retention; the risk that Marqeta is unable to further attract, retain, diversify, and expand its customer base; the risk that Marqeta is unable to drive increased TPV on its platform; the risk that consumers and customers will not perceive the benefits of Marqeta’s products as Marqeta expects; the risk that Marqeta's technology platform, including hosted solutions, do not operate as intended resulting in system outages; the risk that Marqeta will not be able to achieve the cost structure that Marqeta currently expects; the risk that Marqeta’s solution will not achieve the expected market acceptance; the risk that competition could reduce expected demand for Marqeta’s services; the risk that changes in the regulatory landscape adversely affects the gross interchange or other revenue Marqeta earns or adversely affects the bank and network costs Marqeta incurs; the risk that Marqeta may be unable to maintain relationships with Issuing Banks and Card Networks; general economic conditions in either domestic or international markets, including inflation and recessionary fears, conditions resulting from geopolitical uncertainty and instability or war, including, the direct and indirect effects of the significant military action against Ukraine launched by Russia on U.S. and global economies, our business, results of operations, financial condition, and demand for our platform; and the risk that Marqeta may be subject to additional risks such as inflation or currency fluctuations due to its international business activities. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition and results of operations are included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K for the year ended December 31, 2021, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com.

The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.

Disclosure Information

Investors and others should note that Marqeta announces material financial information to its investors using its investor relations website, SEC filings, press releases, public conference calls and webcasts. Marqeta also uses social media to communicate with its customers and the public about Marqeta, its products and services and other matters relating to its business and market. It is possible that the information Marqeta posts on social media could be deemed to be material information. Therefore, Marqeta encourages investors, the media, and others interested in Marqeta to review the information we post on social media channels including the Marqeta Twitter feed (@Marqeta), the Marqeta Instagram page (@lifeatmarqeta), the Marqeta Facebook page, and the Marqeta LinkedIn page. These social media channels may be updated from time to time.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "Information Regarding Non-GAAP Financial Measures".

About Marqeta, Inc.

Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s modern architecture gives its customers the ability to build more configurable and flexible payment experiences, accelerating time-to-market and democratizing access to card issuing technology. Marqeta’s open APIs provide instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle payment transactions. Marqeta is headquartered in Oakland, California and is certified to operate in 40 countries globally.

Marqeta® is a registered trademark of Marqeta, Inc.

Marqeta, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net revenue

$

191,621

 

 

$

131,512

 

 

$

544,401

 

 

$

361,761

 

Costs of revenue

 

111,519

 

 

 

72,438

 

 

 

311,524

 

 

 

205,855

 

Gross profit

 

80,102

 

 

 

59,074

 

 

 

232,877

 

 

 

155,906

 

Operating expenses:

 

 

 

 

 

 

 

Compensation and benefits

 

105,887

 

 

 

84,462

 

 

 

304,103

 

 

 

229,121

 

Technology

 

13,422

 

 

 

9,299

 

 

 

37,960

 

 

 

22,494

 

Professional services

 

6,620

 

 

 

4,704

 

 

 

17,184

 

 

 

12,731

 

Occupancy

 

1,125

 

 

 

1,091

 

 

 

3,388

 

 

 

3,083

 

Depreciation and amortization

 

935

 

 

 

786

 

 

 

2,834

 

 

 

2,567

 

Marketing and advertising

 

688

 

 

 

490

 

 

 

2,133

 

 

 

1,480

 

Other operating expenses

 

10,921

 

 

 

3,880

 

 

 

20,760

 

 

 

8,705

 

Total operating expenses

 

139,598

 

 

 

104,712

 

 

 

388,362

 

 

 

280,181

 

Loss from operations

 

(59,496

)

 

 

(45,638

)

 

 

(155,485

)

 

 

(124,275

)

Other income (expense), net

 

6,333

 

 

 

(57

)

 

 

(3,542

)

 

 

(2,706

)

Loss before income tax expense

 

(53,163

)

 

 

(45,695

)

 

 

(159,027

)

 

 

(126,981

)

Income tax expense (benefit)

 

5

 

 

 

35

 

 

 

(573

)

 

 

141

 

Net loss

$

(53,168

)

 

$

(45,730

)

 

$

(158,454

)

 

$

(127,122

)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.10

)

 

$

(0.08

)

 

$

(0.29

)

 

$

(0.42

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

548,990,212

 

 

 

538,896,513

 

 

 

545,614,599

 

 

 

302,967,155

 

Marqeta, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

 

 

September 30,

2022

 

December 31,

2021

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,204,857

 

 

$

1,247,581

 

Restricted cash

 

7,800

 

 

 

7,800

 

Marketable securities

 

441,132

 

 

 

452,875

 

Accounts receivable, net

 

12,800

 

 

 

13,187

 

Settlements receivable, net

 

10,350

 

 

 

11,266

 

Network incentives receivable

 

27,063

 

 

 

30,399

 

Prepaid expenses and other current assets

 

38,930

 

 

 

35,617

 

Total current assets

 

1,742,932

 

 

 

1,798,725

 

Property and equipment, net

 

8,030

 

 

 

9,687

 

Operating lease right-of-use assets, net

 

9,607

 

 

 

11,296

 

Equity method investment

 

7,843

 

 

 

8,384

 

Other assets

 

6,043

 

 

 

2,286

 

Total assets

$

1,774,455

 

 

$

1,830,378

 

Liabilities and stockholders' equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

2,741

 

 

$

2,693

 

Revenue share payable

 

116,095

 

 

 

121,179

 

Accrued expenses and other current liabilities

 

131,398

 

 

 

114,096

 

Total current liabilities

 

250,234

 

 

 

237,968

 

Operating lease liabilities, net of current portion

 

9,928

 

 

 

12,427

 

Other liabilities

 

1,955

 

 

 

6,557

 

Total liabilities

 

262,117

 

 

 

256,952

 

Stockholders' equity :

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

54

 

 

 

54

 

Additional paid-in capital

 

2,098,764

 

 

 

1,993,055

 

Accumulated other comprehensive loss

 

(10,573

)

 

 

(2,230

)

Accumulated deficit

 

(575,907

)

 

 

(417,453

)

Total stockholders’ equity

 

1,512,338

 

 

 

1,573,426

 

Total liabilities and stockholders' equity

$

1,774,455

 

 

$

1,830,378

 

Marqeta, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Nine Months Ended

September 30,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

Net loss

$

(158,454

)

 

$

(127,122

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

2,834

 

 

 

2,567

 

Share-based compensation expense

 

115,662

 

 

 

105,893

 

Non-cash operating leases expense

 

1,689

 

 

 

1,579

 

Amortization of premium on marketable securities

 

449

 

 

 

974

 

Impairment of other financial instruments

 

11,616

 

 

 

 

Other

 

445

 

 

 

2,999

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

271

 

 

 

974

 

Settlements receivable

 

916

 

 

 

(2,584

)

Network incentives receivable

 

3,336

 

 

 

(20,002

)

Prepaid expenses and other assets

 

(11,596

)

 

 

(6,089

)

Accounts payable

 

(891

)

 

 

282

 

Revenue share payable

 

(5,084

)

 

 

9,992

 

Accrued expenses and other liabilities

 

13,144

 

 

 

34,037

 

Operating lease liabilities

 

(2,231

)

 

 

(2,147

)

Net cash (used in) provided by operating activities

 

(27,894

)

 

 

1,353

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

 

(1,700

)

 

 

(2,251

)

Purchases of patents

 

(600

)

 

 

 

Purchases of marketable securities

 

(21,660

)

 

 

(375,089

)

Maturities of marketable securities

 

24,900

 

 

 

114,688

 

Net cash (used in) provided by investing activities

 

940

 

 

 

(262,652

)

Cash flows from financing activities:

 

 

 

Proceeds from initial public offering, net of underwriters’ discounts and commissions

 

 

 

 

1,319,809

 

Proceeds from exercise of stock options, including early exercised stock options

 

5,733

 

 

 

2,799

 

Proceeds from exercise of warrants

 

 

 

 

60

 

Proceeds from shares issued in connection with employee stock purchase plan

 

2,775

 

 

 

 

Taxes paid related to net share settlement of restricted stock units

 

(11,576

)

 

 

(18,448

)

Repurchases of common stock

 

(12,702

)

 

 

 

Payment of deferred offering costs

 

 

 

 

(3,134

)

Net cash (used in) provided by financing activities

 

(15,770

)

 

 

1,301,086

 

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

(42,724

)

 

 

1,039,787

 

Cash, cash equivalents, and restricted cash- Beginning of period

 

1,255,381

 

 

 

228,233

 

Cash, cash equivalents, and restricted cash - End of period

$

1,212,657

 

 

$

1,268,020

 

Marqeta, Inc.

Financial and Operating Highlights

(in thousands, except per share data or as noted)

(unaudited)

 

 

 

2022

 

2021

 

Year over

Year Change

Q3'22 vs

Q3'21

 

 

Third

Quarter

 

Second

Quarter

 

First Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Operating performance:

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

$

191,621

 

 

$

186,678

 

 

$

166,102

 

 

$

155,414

 

 

$

131,512

 

 

46

%

Costs of revenue

 

 

111,519

 

 

 

108,629

 

 

 

91,376

 

 

 

79,615

 

 

 

72,438

 

 

54

%

Gross profit

 

 

80,102

 

 

 

78,049

 

 

 

74,726

 

 

 

75,799

 

 

 

59,074

 

 

36

%

Gross margin

 

 

42

%

 

 

42

%

 

 

45

%

 

 

49

%

 

 

45

%

 

(3) pps

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

105,887

 

 

 

97,868

 

 

 

100,348

 

 

 

88,995

 

 

 

84,462

 

 

25

%

Technology

 

 

13,422

 

 

 

13,154

 

 

 

11,384

 

 

 

11,143

 

 

 

9,299

 

 

44

%

Professional services

 

 

6,620

 

 

 

5,794

 

 

 

4,770

 

 

 

5,712

 

 

 

4,704

 

 

41

%

Occupancy and equipment

 

 

1,125

 

 

 

1,148

 

 

 

1,115

 

 

 

1,097

 

 

 

1,091

 

 

3

%

Depreciation and amortization

 

 

935

 

 

 

921

 

 

 

979

 

 

 

967

 

 

 

786

 

 

19

%

Marketing and advertising

 

 

688

 

 

 

886

 

 

 

559

 

 

 

804

 

 

 

490

 

 

40

%

Other operating expenses

 

 

10,921

 

 

 

4,995

 

 

 

4,843

 

 

 

4,811

 

 

 

3,880

 

 

181

%

Total operating expenses

 

 

139,598

 

 

 

124,766

 

 

 

123,998

 

 

 

113,529

 

 

 

104,712

 

 

33

%

Loss from operations

 

 

(59,496

)

 

 

(46,717

)

 

 

(49,272

)

 

 

(37,730

)

 

 

(45,638

)

 

30

%

Other income (expense), net

 

 

6,333

 

 

 

1,802

 

 

 

(11,677

)

 

 

142

 

 

 

(57

)

 

n/m

Loss before income tax expense

 

 

(53,163

)

 

 

(44,915

)

 

 

(60,949

)

 

 

(37,588

)

 

 

(45,695

)

 

16

%

Income tax expense (benefit)

 

 

5

 

 

 

(227

)

 

 

(351

)

 

 

(781

)

 

 

35

 

 

(86

)%

Net loss

 

$

(53,168

)

 

$

(44,688

)

 

$

(60,598

)

 

$

(36,807

)

 

$

(45,730

)

 

16

%

Loss per share - basic and diluted

 

$

(0.10

)

 

$

(0.08

)

 

$

(0.11

)

 

$

(0.07

)

 

$

(0.08

)

 

25

%

TPV (in millions)

 

$

42,473

 

 

$

40,457

 

 

$

36,626

 

 

$

33,046

 

 

$

27,569

 

 

54

%

Adjusted EBITDA

 

$

(13,631

)

 

$

(10,225

)

 

$

(10,453

)

 

$

1,162

 

 

$

(4,939

)

 

176

%

Adjusted EBITDA margin

 

 

(7

)%

 

 

(5

)%

 

 

(6

)%

 

 

1

%

 

 

(4

)%

 

(3) pps

Financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,204,857

 

 

$

1,220,273

 

 

$

1,197,257

 

 

$

1,247,581

 

 

$

1,260,220

 

 

(4

)%

Restricted cash

 

$

7,800

 

 

$

7,800

 

 

$

7,800

 

 

$

7,800

 

 

$

7,800

 

 

%

Marketable securities

 

$

441,132

 

 

$

444,873

 

 

$

447,046

 

 

$

452,875

 

 

$

408,954

 

 

8

%

Total assets

 

$

1,774,455

 

 

$

1,776,930

 

 

$

1,793,483

 

 

$

1,830,378

 

 

$

1,783,142

 

 

%

Total liabilities

 

$

262,117

 

 

$

242,373

 

 

$

249,851

 

 

$

256,952

 

 

$

209,802

 

 

25

%

Stockholders' equity

 

$

1,512,338

 

 

$

1,534,557

 

 

$

1,543,632

 

 

$

1,573,426

 

 

$

1,573,340

 

 

(4

) %

pps = percentage points

 

n/m = not meaningful

 

Marqeta, Inc.

Reconciliation of GAAP to NON-GAAP Measures

(in thousands)

(unaudited)

Information Regarding Non-GAAP Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures. Marqeta considers Adjusted EBITDA, Adjusted EBITDA Margin, and Non-GAAP operating expenses as supplemental measures of the company’s performance that are not required by, nor presented in accordance with GAAP.

We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; legal, financial, and tax due diligence costs related to potential acquisitions; income tax expense (benefit); and other expense (income) net, which consists of changes in the fair value of redeemable convertible preferred stock warrant liabilities (for periods prior to the IPO), realized foreign currency gains and losses, interest income from our marketable securities, our share of equity method investments’ profit or loss, and impairment of equity method investments or other financial instruments. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of certain annual employee bonus plans.

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net revenue. This measure is used by management and our board of directors to evaluate our operating efficiency.

We define Non-GAAP operating expenses as total operating expenses adjusted to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; and legal, financial, and tax due diligence costs related to potential acquisitions.

Adjusted EBITDA, Adjusted EBITDA Margin, and Non-GAAP operating expenses should not be considered in isolation, or construed as an alternative to net loss, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity. In addition, other companies may calculate Adjusted EBITDA differently than Marqeta does, which limits its usefulness in comparing Marqeta’s financial results with those of other companies.

The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release:

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

GAAP net revenue

$

191,621

 

 

$

131,512

 

 

$

544,401

 

 

$

361,761

 

GAAP net loss

$

(53,168

)

 

$

(45,730

)

 

$

(158,454

)

 

$

(127,122

)

GAAP net loss margin

 

(28

)%

 

 

(35

)%

 

 

(29

)%

 

 

(35

)%

GAAP total operating expenses

$

139,598

 

 

$

104,712

 

 

$

388,362

 

 

$

280,181

 

 

 

 

 

 

 

 

 

GAAP net loss

$

(53,168

)

 

$

(45,730

)

 

$

(158,454

)

 

$

(127,122

)

Depreciation and amortization expense

 

935

 

 

 

786

 

 

 

2,834

 

 

 

2,567

 

Share-based compensation expense

 

43,509

 

 

 

38,965

 

 

 

115,662

 

 

 

105,893

 

Payroll tax expense related to share-based compensation

 

508

 

 

 

614

 

 

 

1,768

 

 

 

1,553

 

Due diligence costs related to potential acquisitions

 

913

 

 

 

334

 

 

 

913

 

 

 

334

 

Other expense (income), net

 

(6,333

)

 

 

57

 

 

 

3,542

 

 

 

2,706

 

Income tax expense (benefit)

 

5

 

 

 

35

 

 

 

(573

)

 

 

141

 

Adjusted EBITDA

$

(13,631

)

 

$

(4,939

)

 

$

(34,308

)

 

$

(13,928

)

Adjusted EBITDA Margin

 

(7

)%

 

 

(4

)%

 

 

(6

)%

 

 

(4

)%

 

 

 

 

 

 

 

 

GAAP Total operating expenses

$

139,598

 

 

$

104,712

 

 

$

388,362

 

 

$

280,181

 

Depreciation and amortization expense

 

(935

)

 

 

(786

)

 

 

(2,834

)

 

 

(2,567

)

Share-based compensation expense

 

(43,509

)

 

 

(38,965

)

 

 

(115,662

)

 

 

(105,893

)

Payroll tax expense related to share-based compensation

 

(508

)

 

 

(614

)

 

 

(1,768

)

 

 

(1,553

)

Due diligence costs related to potential acquisitions

 

(913

)

 

 

(334

)

 

 

(913

)

 

 

(334

)

Non-GAAP operating expenses

$

93,733

 

 

$

64,013

 

 

$

267,185

 

 

$

169,834

 

A reconciliation of Adjusted EBITDA to the comparable GAAP measure for the fourth quarter of 2022 is not available due to the challenges and impracticability with estimating some of the items as such items cannot be reasonably predicted and could be significant. Because of those challenges, reconciliations of such forward-looking non-GAAP financial measures are not available without unreasonable effort.

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